Cabot Oil to Sell Offshore, Louisiana Portfolio

Tuesday, August 29, 2006

Reuters has reported that Cabot Oil & Gas Corp. said it agreed to sell its offshore portfolio and south Louisiana properties, which include the Etouffee field, to Phoenix Exploration Co. LP for $340m.
Cabot plans to use the sale proceeds to repurchase shares, fund operations and repay some of its debt, its statement said.
The sale is expected to close September 29 subject to due diligence and other customary closing conditions, the oil and gas company added.
Source: Reuters